Non-Delivery Insurance covers appreciation of value beyond amounts insured under the Builders Risks Insurance and/or the Refund Guarantee and should be considered in a rising market or on securing of an advantageous charter.
Residual Value Insurance:
Residual Value Insurance helps manage asset value risk by guaranteeing that a properly maintained asset will have a specified value as a future date. It is a product suitable for lessors unwilling or unable to take asset risk and from investors wishing to limit their downside.
C.E.N.D. (Confiscation – Expropriation – Nationalization – Deprivation):
This insurance is to pay the difference between the vessel(s) Protection and Indemnity Club settlement, if any, and total sum insured for Hull and Machinery and ancillary interests, but only up to the sum insured hereon, in respect of loss or damage to the vessel(s), in consequence of the Insured being deprived of the free use of the vessel(s) after a period of 180 days. This period commences from date it has become apparent to the Insured and advised to Underwriters, that they cannot remove the vessel(s).
Loss of Hire for Chartered Yachts:
If the yacht is unable to undertake a previously signed and contracted charter due to a loss covered under the Hull and Machinery section of this policy, underwriters agree to pay up to the amount as stated herein for each loss of charter up to a maximum of 3 losses in the annual aggregate.